Oppenheimer Holdings Inc. Announces Share Repurchase Program

Rhea-AI Summary

Oppenheimer Holdings has announced a new share repurchase program, allowing the purchase of up to 543,000 shares of its Class A non-voting common stock, about 5% of the total outstanding shares. This program adds to the previous authorization of 144,034 shares, totaling 687,034 shares available for repurchase. The repurchases will be executed in the open market using available cash, aligning with regulatory requirements. Oppenheimer emphasizes that the timing and volume of repurchases will depend on market conditions and does not obligate the company to buy a specific number of shares.

Positive

• Authorization to repurchase 543,000 shares increases shareholder value.
• Total of 687,034 shares available for repurchase reflects management's confidence.
• Repurchase program may enhance EPS by reducing share count.

Negative

• None.

NEW YORK, Dec. 14, 2022 /PRNewswire/ - Oppenheimer Holdings Inc. (NYSE: OPY) today announced that its Board of Directors approved a share repurchase program that authorizes the Company to purchase up to 543,000 shares of the Company's Class A non-voting common stock, representing approximately 5% of its 10,867,660 currently issued and outstanding shares of Class A non-voting common stock. This authorization will supplement the 144,034 shares that remain authorized and available under the Company's previous share repurchase program covering up to 536,500 shares of the Company's Class A non-voting common stock, which was announced on July 29, 2022, for a total of 687,034 shares authorized and available for repurchase. The share repurchase program is expected to continue indefinitely.

Any such share purchases will be made by the Company from time to time in the open market at the prevailing open market price using cash on hand, in compliance with the applicable rules and regulations of the New York Stock Exchange, state corporate law and federal and state securities laws and the terms of the Company's senior secured debt. All shares purchased will be canceled. The timing and amounts of any purchases under the program will be determined by management in its discretion based on market and economic conditions and other factors including price, legal and regulatory requirements and capital availability. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of Class A non-voting common shares. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.

Company Information

Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that provides a wide range of financial services including retail securities brokerage, institutional sales and trading, investment banking (both corporate and public finance), research, market-making, trust, investment management, and commercial mortgage banking. With roots tracing back to 1881, the firm is headquartered in New York and has 91 offices in 25 states and 6 foreign jurisdictions.

Forward-Looking Statements

This press release includes certain "forward-looking statements" relating to anticipated future performance. For a discussion of the factors that could cause future performance to be different than anticipated, reference is made to Factors Affecting "Forward-Looking Statements" in Part I, Item 2 of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 and Part 1A - Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

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SOURCE Oppenheimer Holdings Inc.

FAQ

What is the new share repurchase program by Oppenheimer (OPY)?

Oppenheimer has authorized a new program to repurchase up to 543,000 shares of its Class A non-voting common stock, which is 5% of its outstanding shares.

How many shares are authorized for repurchase by Oppenheimer (OPY)?

Oppenheimer now has a total of 687,034 shares authorized for repurchase, combining the new program with the previous authorization.

What impact do share repurchases have on Oppenheimer's (OPY) stock price?

Share repurchases can increase stock price by reducing the share count and signaling confidence in the company's value.

When was the share repurchase program announced for Oppenheimer (OPY)?

The new share repurchase program was announced on December 14, 2022.

Will Oppenheimer (OPY) be obligated to repurchase shares under the new program?

No, the share repurchase program does not obligate Oppenheimer to buy any specific number of shares or dollar amount.